VOXX and Sharp have also entered into a Binding Agreement to move forward with this proposed transaction. All companies have a strong working relationship and are moving towards reaching a Definitive Agreement by May 20, 2021. If an Agreement is reached, it will be presented to Onkyo shareholders at its Ordinary General Meeting of Shareholders scheduled on June 25, 2021.
In July 2020, VOXX, through its newly formed distribution company and subsidiary 11 Trading Company, became the exclusive distributor in the Americas of the Onkyo, Pioneer, Pioneer Elite, and Integra brands. This built upon and expanded the alliance between the company's when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019. For many years, Sharp Corporation has manufactured products for Onkyo at their Malaysian factory as part of a joint venture.
Pat Lavelle, President and CEO of VOXX International Corporation stated, "For the past two years, we've worked well with the Onkyo team, expanding our relationship, and most important, serving the needs of our customers. It is our hope that we can reach an agreement shortly as they have strong brands, and through our Premium Audio Group, led by the Klipsch management team, we have widespread distribution and a global infrastructure to support our growth."
VOXX International Corporation has grown into a leading manufacturer and distributor in Automotive Electronics and Consumer Electronics. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers.
www.voxxintl.com
